Just like local businesses, community banks make better choices for local economies than their too-big-to-fail counterparts. As it turns out, they also face many of the same challenges. Community banks and credit unions are known for their relationship-based banking style.
Shutterstock Images Felipe E. Oliveira, the year-old founder of Percival Beer Co.
While there are logistical advantages to the prospective location, the main reason the site appeals to Oliveira is personal. He cares about the neighborhood. That's not something you hear founders say every day. On the list of reasons founders typically provide for picking a location, caring about the neighborhood often ranks behind rental costs, transportation logistics, visibility to customers, and appeal to employees.
All of which is to say: There are several factors that determine why a location is ideal for a certain business. And while many of them are directly related to dollars and cents, emotions also play a part. Here, inspired by Oliveira's quest, is a checklist of seven questions to consider when choosing a location.
Is the location a match for my company's values and branding? For Oliveira, the Dorchester neighborhood is a strong match for the branding of his beers.
Does the location give me the ability to expand? Will great employees want to work in this location? Dahl of Aalborg University and Olav Sorenson of the Yale School of Management found that proximity to family and friends was a more important factor than wages when it came to prospective employees considering a new job.
The upshot of their findings, which Inc covered a few years ago, is that employers generally need to offer substantial pay increases to persuade recruits to forsake their proximity to social attachments. Don't expect key employees to move for you, unless you're prepared to pay for it.
Your best bet is to locate where there's already an ample supply of the talent you need. Will this location imperil my ability to raise capital? Like it or not, many venture capitalists prefer funding companies that they are physically close to.
Jones, who is both a veteran entrepreneur and venture capitalist, would know. While he believes you can launch a great company anywhere, he admits that his midwest location hasn't been ideal for raising private capital: I put my idea in front of more than 50 potential funding partners.
At least half of them overtly raised the issue of our Midwest location. Some wanted me to move the company. Others just groused about the prospect of the multi-day flying trek that it would take for them to attend board meetings. There are plenty of advantages, in Jones' view.
But raising venture capital is not one of them.
Are there other businesses drawing customers to this location? Call this the "hitch your wagon to others" factor. The idea here is straightforward: Make sure your business isn't shouldering the entire burden of bringing consumers to a particular neighborhood.
Ideally, you'll locate near a place where there are already customers in abundance:Why Social Influence Matters to Businesses: Definition of an Influencer Leaman: An influencer is someone whose opinion or information has an impact on someone else's thought process or action.
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Today's business leaders are so obsessed with all things global and virtual that they risk neglecting the critical impact of physical place/5(6). Across countries in Africa, as is increasingly the case in countries in every part of the globe, it is a growing constant.
Most young people are getting their news, and their vital information. Local businesses often hire people with more specific product expertise for better customer service.
Competition and diversity leads to more choices. A marketplace of tens of thousands of small businesses is the best way to ensure innovation and low prices over the long-term. We ask local restaurant owners the challenges they face and what you can do to help support them. (And Why it Matters) they often put health, community, and sustainability at the forefront of their business models.
“As local restaurant owners.
Whether you are a small business or a national brand, if you want to drive more local businesses, mobile search should be your territory to work on. Providing your consumers a consistent and navigable search experience that serves them with the information they need is the key to standing out in mobile local . leslutinsduphoenix.com Just for now because it matters. While writing is my therapy and I have only recently begun, I am going to put the laptop away . That’s because local businesses cultivate real flesh-and-blood relationships. If your customers don’t trust you, they won’t come back, and they won’t recommend you to your friends. Trust is the glue that binds your local business to the community.
Share: 5 Reasons Why Local Business Listings Matter for Financial Advisors. Like most marketers, we’ve been guilty of this critical marketing error: focusing on the big, obvious strategies.